DBS to open 100 branches in Indonesia by 2012

DBS CEO Koh Boon Hwee reveals DBS' latest plans for expansion in Indonesia: to open 100 branches and look for acquisitions in the next three years.

The bank expects new CEO Piyush Gupta to maintain its current strategy when he takes over in November, that is, keeping its focus on Asia, according to a report in Reuters.

"I don't think we will have a wholesale change in strategy," Koh told Reuters. Gupta was previously head of Citigroup's Southeast Asia and Pacific region.

DBS currently earns 90 percent of its revenues from Singapore and Hong Kong, but Koh said DBS hopes to increase its branches in Indonesia to 100 from its current 40 branches.

"We will continue to grow our franchise, if there are opportunities for inorganic growth we will always look at it," said Koh.